WHY AN FHA MORTGAGE OVER OTHER FLORIDA MORTGAGE OPTIONS?
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FHA mortgage loans can give you the chance to secure a Florida home mortgage even if your credit history is imperfect. Additionally, FHA mortgages allow Florida FHA mortgage with limited assets for a down payment to still obtain an FHA home loan.
FINDING THE RIGHT FLORIDA MORTGAGE
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Depending on your goals, there are different types of Florida FHA home loan programs that may fit your needs. These loans include:
- FHA Fixed Rate Florida Mortgage
Your interest rate is locked for the entire length of your Florida mortgage and you enjoy the benefit of having a predictable monthly mortgage payment.
- FHA Adjustable Rate Florida Mortgage (ARM)
You pay a lower interest rate during a pre-determined initial period. Then, your rate resets based on different factors. These Florida FHA mortgages are usually ideal for Florida FHA mortgage applicants not planning on staying in their home for a long time.
- FHA 203k Rehabilitation Loan
In addition to the money needed to purchase a Florida home, you may be able to receive additional funds to help cover the costs of improvements and renovations.
- FHA Streamline Refinance
If you currently have an Florida FHA home loan, you may be able to refinance into a lower rate and save on your monthly payment. In addition, if you owe more on your mortgage than your home is actually worth, FHA Streamline mortgage loans offer a way to refinance with no FHA appraisal required.
What are the benefits of an FHA loan? Generally, FHA loans offer:
- Low down payments
You may be able to purchase a Florida home with as little as 3.5% down.
- No pre-payment penalties
You can make additional payments toward your principal balance and speed repayment of your Florida FHA mortgage.
- Flexible credit–qualifying guidelines
If you have a limited credit history or are concerned about your credit, you may still qualify for an FHA mortgage.
- No credit–score home loans
If you have no credit score, you may still qualify for an FHA mortgage using alternate trade lines
- Lower out-of-pocket costs
You may be able to save more money on out-of-pocket costs with an FHA mortgage compared to a conventional mortgage.
- FHA loans are assumable
Should you need to sell your Florida home, FHA loans are an attractive selling point for potential Florida home buyers who may assume your FHA mortgage.